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PayPal rolls out a crypto buying and selling program in the UK

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Miguel A. Rodriguez
Miguel A. Rodriguez
23 August 2021
The American company operating an online payments system in multiple countries rolled out a new program

PayPal announced that customers from the UK would be able to buy, sell, and hold bitcoin and other cryptocurrencies starting this week. The roll-out marks the company's first international expansion of crypto services outside the US.

The payment provider launched cryptocurrency buying and selling in the US earlier this year. It enabled customers to use the digital coin holdings to shop at millions of merchants on its network. PayPal believes its foray into the new asset class would encourage global users of internet-based currencies and prepare its network for new digital coins that corporations and central banks may develop.

Jose Fernandez da Ponte, vice president and general manager for blockchains, crypto and digital currencies at PayPal, stated: "We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce."

In the UK, PayPal's service will rival specialized crypto exchanges such as Coinbase and fintech startups such as Revolut. The move comes as financial institutions started offering access to digital assets amid rising crypto prices.

At the moment of writing, PayPal closed 0.88% higher.

 

Sources: finance.yahoo.com, reuters.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.